a nuveen company

This document is intended solely for the use of professionals and is not for general public distribution.
Who we are Our solutions

TH Real Estate, an investment affiliate of Nuveen (the investment management arm of We work closely with our clients to develop long-term strategic relationships, to understand
TIAA), is one of the largest real estate investment managers in the world with c.€90.3bn their goals and meet their requirements. To ensure we provide each investor with a tailored
($103.1bn) in AUM. Managing a suite of nearly 80 funds and mandates, spanning both solution, made up of a range of products and strategies, we have deepened our range of
debt and equity across diverse geographies, sectors, investment styles and vehicle types, solutions to offer the resilient, enhanced and debt series:
the firm provides access to every aspect of real estate investing. With over 80 years of
investing experience, and more than 530 real estate professionals located across 22 cities
throughout the US, Europe and Asia-Pacific, the platform offers impressive local expertise
coupled with a sophisticated global perspective. Our investment, asset management and
corporate strategies grow from a deep understanding of the structural trends that we
believe will shape the future of real estate and responsible investing beyond market cycles.
This ‘Tomorrow’s World’ approach sits at the core of our investment process and business
operations, informing our long-term view of real estate investments for the enduring
benefit of both clients and society.
Resilient Enhanced Debt

Our business in Austria Our resilient series is designed

for investors who are focused on
Our enhanced series applies strategies
that work within market cycles, use a
Our debt series is designed to provide
investors with access to secure, income-
diversification, income and long-term more active asset management and focused returns. Our strategies may suit
capital growth. Our strategies focus on repositioning approach, and/or invest in cautious investors seeking attractive
investing in high-quality assets in emerging sectors and locations. These levels of income with a measure of
Nuveen Management Austria GmbH,
Sector split of AUM a joint venture between TH Real leading cities that are well positioned strategies are designed for investors downside protection against short-term
Estate and Austria’s biggest insurance in terms of long-term structural that are looking for an enhanced level capital cycles.
institution, Vienna Insurance Group, trends including demographic change, of capital growth.
14% carries out asset management and urbanisation and technology.
project development across Austria.

Following the success of the Vienna

office`s previous funds, Austria Nr. 1
and Austria Nr. 2, the third Austrian-
focused real estate investment product
was launched in January 2017. The
open-ended special property fund – an
Who we work with
investment club vehicle – presents an
attractive investment opportunity for
German investors, looking to access
retail and office real estate investments With solid occupier market
across Austria. The core vehicle will
target a maximum equity of €250m
fundamentals and high-income
86%
($298m). returns, we favour Austrian
Key
Retail: 86% retail parks. Whilst many
Office: 14% institutional investors focus
17 ASSETS
on high streets and shopping
centres, we believe the yield
OFFICE OPENED spread for retail warehouses is
€699M ($797M) IN 1999 attractive and will outperform
AUM over the long term.
FIVE EMPLOYEES

David Moese
Note: All data as at 30 June 2017, Head of Investment, Austria McArthurGlen Designer Outlet Mall Parndorf
unless otherwise stated.

2 Austria Austria 3
 A selection of our investments
Retail 10,717 sq m Acquired
warehouse (115,356 sq ft) in 2013

Workstation FMZ M-City, Mistelbach

Wien West, Vienna
FMZ Infra Center,
Seidenstrasse, FMZ Marchfeld Center,
Linz
Vienna Groß-Enzersdorf

City Point, Steyr Mariahilfer Straße 37-39,

Vienna

FMZ Stadlau,
Vienna

FMZ Rosental, Rosental

FMZ Fürstenfeld,
Fürstenfeld

EKZ Stadtparkcenter,
Spittal/Drau

FMZ Marchfeld Center, Groß-Enzersdorf

4 Austria Austria 5
A selection of our investments (continued)
FMZ Rosental

• Located in Rosental an der Krainach

FMZ Stadlau
• 10,115 sq m (108,877 sq ft)
• Located in Vienna • Retail warehouse
• c.7,700 sq m (c.83,000 sq ft) • Acquired on behalf of Austria Nr. 2 in 2014
• Retail warehouse • 181 units, 339 parking spaces
• Acquired for our Austria Nr. 2 in 2016, • Key tenants include Hervis Sport, Charles Vögele and
completing the investment phase of Billa
the Fund
• Key tenants include Toys R Us, Swiss
Sense, Dänisches Bettenlager, DM and
Futterhaus

FMZ Fürstenfeld
• Located in Fürstenfeld
• 15,660 sq m (165,355 sq ft)
• Retail warehouse
• Acquired on behalf of Austria Nr. 2 in
2012
• 31 units
• Key tenants include Müller,
Deichmann, Intersport, Pagro,
Gussl, Libro and New Yorker

6 Austria Austria 7
 FMZ M-City

• Located in Mistelbach
FMZ Marchfeld Center
• 11,855 sq m (116,368 sq ft)
• Retail warehouse • Located in Groß-Enzersdorf

• Acquired on behalf of Austria Nr. 2 in 2013 • 10,717 sq m (115,356 sq ft)

• 25 units • Retail warehouse

• Key tenants include Intersport XL, Elektro Red Zack, • Acquired on behalf of Austria
Vögele, New Yorker, Leder & Schuh, Takko and C&A Nr. 2 in 2013
• 15 units
• Key tenants include Merkur, Hofer,
DM, New Yorker, C&A, Fussl,
Libro and Fressnapf

Mariahilfer Straße 37-39

• Located in Vienna
• 6,045 sq m (59,416 sq ft)
• High street retail
• Acquired on behalf of Austria
Nr. 2 in 2014
• Key tenants include Humanic,
FEEI and Reclay

8 Austria Austria 9
 Case study:
City Point Steyr

City Point Steyr, which we acquired in 2004, comprises 11,000 sq m

(c.118,403 sq ft) of lettable space. The shopping centre is a popular with local
amenities and a good mix of tenants.
After a change of ownership in 2016, we began to discuss a repositioning
strategy with specialist marketing and architecture teams. The site is
frequently visited, so enhancing its design, brand and overall offering will
only add to its quality as an asset.
By utilising the atrium and expanding the food offering on the upper floor,
we are meeting the changing needs of our customers.

10 Austria Austria 11
 A selection of our investments (continued)
Seidengasse

• Located in Vienna
EKZ Stadtparkcenter
• 8,602 sq m (92,591 sq ft)
• Office • Located in Spittal/Drau

• Acquired on behalf of Austria Nr. 2 in 2015 • 14,137 sq m (153,267 sq ft)

• 20 units • Shopping centre

• Prime tenants include Iventa, Schülke & Mayr, • Acquired on behalf of Austria Nr. 2
MedMedia publishing house and Mediaservice in 2012
• 38 units
• Key tenants include McDonald’s,
Europspar, H&M, C&A, Hervis, New
Yorker, Libro and BIPA

FMZ Infra Center

• Located in Linz
• 13,444 sq m (144,666 sq ft)
• Retail warehouse
• Acquired on behalf of Austria Nr. 2
in 2012
• 33 units
• Key tenants include Merkur,
McDonald’s, Fussl, Libro, BIPY, Pagro,
Fitness Center, Apotheke and NKD

12 Austria Austria 13
 Our approach

Our assets are locally sourced and managed by specialist teams, which apply their own
experience and style when managing their portfolios. These teams have the support of our
senior management and operate within an integrated investment platform, which includes
support across finance, debt and currency management, performance analytics, client
service, fund and transaction structuring, development, sustainability and research.

Investment process Asset management Development

With our clients at the heart of
everything we do, we operate
within a defined investment process
with established risk controls that
are supervised by our investment
committee, comprising senior
investment professionals together with
representatives from our specialist
teams. We draw on the knowledge and
experience of our global real estate
business to ensure that any investment
activity has been through a rigorous
process.
Our experience and record of efficient
delivery has built us a strong presence
and well-established relationships with
agents and principals, enabling us to
source opportunities across the world’s
most competitive investment markets.
We aim to increase the value of the
properties we manage, and deliver
quality investment performance for our
clients. At TH Real Estate, we recognise
the advantage of local representation.
By applying our own experience, as
well as that of our local advisors, we
create business plans with challenging
goals. We target assets with long-term
potential and those where value can be
added via letting, re-letting, promotion,
refurbishment and redevelopment.
Our development and investment
teams work together to improve
asset management performance,
by identifying opportunities for
both piecemeal and comprehensive
development. This close working
relationship often reveals the unique
drivers and constraints around
fund performance. Armed with this
understanding and the skills within the
development team, we tailor our services
to match client and project needs. From
inception to completion, we expose
ourselves to cross-sector development,
which ranges from direct development to
joint ventures, and development funding.
The team boasts strong management
skills, an entrepreneurial mind-set
and a thorough understanding of the
development process, enabling them to
fulfil the demands of our clients.

Workstation Wien-West

• Located in Vienna
• 18,082 sq m (193,502 sq ft)
• Office
• Acquired on behalf of Austria Nr. 2 in 2014
• Key tenants include Allianz, Festo, Swiss Post and Top
Versicherung Trendwerk

14 Austria Austria 15
Investing in Tomorrow’s World City personality:
Vienna

We focus on the structural trends that will shape the future of real estate,
when determining our investment, asset management and corporate
strategies today. We call this approach ‘Tomorrow’s World’, and it sits at
the heart of how we think, act and who we partner with. It’s why our core
purpose is investing in Tomorrow’s World, for the enduring benefit of our
clients and society.

The local and global expertise across our business, Education

combined with a collaborative and responsible
approach, enables us to unlock opportunities Technology elitist
and deliver excellence in Tomorrow’s World. We trailblazer The country’s leading Culture capital
believe that developing the right products and universities are located
The city excels in Its culture is attractive, with
in Vienna.
investment opportunities is our responsibility. We technology and has Vienna being known as both the
carry out in-depth research to determine the best been previously ‘city of music’ and the ‘city of
way to capture long-term, structural changes in recognised for its High density dreams’, and is the only capital
both occupational demand and capital flows, to culture of innovation dividend city known to produce its own
wine.
create sustainable real estate products relevant to by the UN-Habitat.
The densely weaved
occupiers and investors, whilst striving to future- urban fabric has large
proof our clients’ interests. lot sizes.
We have a substantial and fully-integrated R&D
team which explores the bigger picture insights
that we call ‘megatrends’. These megatrends
tap into evolutionary themes that have a global
impact across demographics, technology, climate, A city–based real estate strategy,
politics and regulation, determining the future-use
and demand for real estate in the years to come.
underpinned by long–term, structural
Our research suggests that the impact of these trends, that strikes the right balance
megatrends will be much more notable at the city
level, as opposed to nationally, and so the strategic
of risk and diversification, while
direction of our flagship European Cities Fund is taking advantage of short–term
centred on cities, not countries. Furthermore, each
leading city has a unique DNA, and we select each
pricing opportunities, should enjoy
city by its distinctive personality. above–average portfolio level returns,
This approach is consistent with the way occupiers lower–than–average volatility, and
think about their requirements and representation.
It also means that compelling opportunities should modest downside risk, for long–term
not get missed due to negative country level investors.
perception, and vice versa.

Capital city
Alice Breheny Vienna is the capital Stable city Mega
Global Head of Research city of Austria.
Real estate markets metropolis
Lifestyle exhibit only shallow
cycles.
With about 0.5%
population growth p.a.
leader forecast until 2025, Vienna
Vienna is the most is among the fastest
consistent outperformer growing cities in Europe.
on quality of life indices.

16 Austria Austria 17
Meet some of our team
David Moese
Head of Investment, Austria
With over 15 years’ experience in the real
estate sector, I am responsible for our
activities in Austria. Together with my
team, I manage the company’s Austrian
property portfolio, including two funds
with a current volume of €340m.
Furthermore, I’m working on the launch
of our third Austria Property Fund. The
vehicle will invest a maximum equity of
€350m in Austria.
I have led various teams and been
responsible for investments in Austria
and CEE countries, whilst overseeing
both acquisitions and sales in the
Austrian market. I started my career as
a technical drawer in civil engineering,
before studying part-time in Graz,
Austria. I graduated in architectural
studies from the Technical University
in Graz.
What excites you about the Austrian
real estate market at the moment?
Austria is expected to grow steadily,
making it more attractive for investors,
expecting a stable return on their
investments.
What does Tomorrow’s World mean
to you?
Tomorrow’s World will be glimpsed a few
times, before it is actually discovered.
T: +43120522742
E: david.moese@threalestate.com
18 Austria
Christian Schönhofer‑Holler
Senior Portfolio Manager
I am responsible for acquisitions and
the asset management of properties in
Austria.
I graduated in Business Administration
from the Vienna University for Economics
and Business Administration.
What excites you about the Austrian
real estate market at the moment?
The Austrian real estate market provides
a number of opportunities to invest
across various property sectors. The
stable market delivers steady returns for
investors.
What does Tomorrow’s World mean
to you?
Tomorrow’s World will reveal the
consequences of today’s actions, and I
look forward to seeing how they will be
fulfilled.
T: +43120522740
E: c.schoenhofer-holler@threalestate.com
Richard Ploberger
Analyst
With over six years’ experience in
property, I joined the business in
December 2015. As a Fund Analyst,
I map out, analyse and provide
recommendations for asset management
and project development.
I graduated in International Business
Administration from the Vienna
University of Economics and Business
Administration (WU).
What excites you about the Austrian
real estate market at the moment?
A mature and stable market, adapting
to pacing global changes in consumer
demand, provides continuity and the
right scope of business potential at the
same time.
What does Tomorrow’s World mean
to you?
The social and economic interactions
between societies will ramp up, so our
business must be well-equipped to take
advantage of the vast opportunities
that lie ahead.
T: +43120522738
E: richard.ploberger@threalestate.com
Contact us
Wipplingerstrasse 33/5 OG
1010 Vienna
Austria
Tel: +43120522750
Fax: +43120522751
Roman Löbsch threalestate.com
contact@threalestate.com
Fund Manager
@THRealEstate14
I joined the company in 2013, to provide
transactional and asset management
support across multiple funds.
I spent six years working in Hamburg
with HIH, where I was responsible for
transactions across Europe and other
overseas markets, finalising deals in
Austria, Belgium, New Zealand and
Germany.
I graduated in Stockholm at the KTH,
and in Vienna at the Technical University.
I hold a degree in Spatial Planning and
Real Estate Management.
What excites you about the Austrian
real estate market at the moment?
The Austrian market remains stable and
attractive, even in this difficult period.
There has been strong interest from
international investors in the past,
which we expect to continue.
What does Tomorrow’s World mean
to you?
We should be ready to be a part of
Tomorrow’s World, so we can help to
change it. We should also try hard to
live sustainably.
T: +43120522737
E: roman.loebsch@threalestate.com
Austria 19
 a nuveen company

What’s in
our DNA? Global presence

By combining our unique strands of Real estate expertise

DNA - a strong heritage in real estate
investment, 20 offices worldwide, a
dynamic and diverse employee base,
and a research-led approach - we
believe our biological structure has Strong heritage
evolved to help us understand and
deliver attractive investment solutions
for our clients both today and in
Tomorrow’s World. Diverse people

Find out more about our DNA at

threalestate.com
Tomorrow’s World focus

This document is intended solely for the use of professionals and is not for general public distribution. Past performance is no guide to future
performance. The value of an investment and the income from it can fall as well as rise and you may not get back the amount originally invested.
This material is not intended to be a recommendation or investment advice, does not constitute a solicitation to buy or sell securities, and is not
provided in a fiduciary capacity. The information provided does not take into account the specific objectives or circumstances of any particular
investor, or suggest any specific course of action. Financial professionals should independently evaluate the risks associated with products or
services and exercise independent judgment with respect to their clients. It does not form part of any contract for the sale or purchase of any
investment. Any investment will be made solely on the basis of the information contained in the Prospectus or offering documents (including all
relevant covering documents), which will contain investment restrictions, risks and fees. This document is intended as a summary only and potential
investors must read the Prospectus or other relevant offering document before investing. This document is not directed at or intended for any person
(or entity) who is citizen or resident of (or located or established in) any jurisdiction where its use would be contrary to applicable law or regulation
[or would subject the issuing companies or products to any registration or licencing requirements]. TH Real Estate is a name under which Nuveen
Real Estate Management Limited provides investment products and services. Issued by Nuveen Real Estate Management Limited (reg. no. 2137726),
(incorporated and registered in England and Wales with registered office at 201 Bishopsgate, London EC2M 3BN) which is authorised and regulated
by the Financial Conduct Authority to provide investment products and services. For the activities carried out in Germany, Nuveen Real Estate
Management Limited, Germany is also subject to the limited regulatory supervision of the German Federal Financial Supervisory Authority
(Bundesanstalt für Finanzdienstleistungsaufsicht - BaFin). Nuveen Real Estate Management Limited is also permitted to provide cross-border
investment services to certain EEA member states. In Europe, this material is directed exclusively at professional clients and eligible counterparties
(as defined under the FCA Rules, or the German Securities Trading Act (Wertpapierhandelsgesetzt) or other applicable law) who are knowledgeable
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